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The Historic Buildings Piece of the Affordable Housing Puzzle National Historic Tax Credit Conference, Chicago SEPTEMBER 2008 Eaton Place, Wichita, KS.

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Presentation on theme: "The Historic Buildings Piece of the Affordable Housing Puzzle National Historic Tax Credit Conference, Chicago SEPTEMBER 2008 Eaton Place, Wichita, KS."— Presentation transcript:

1 The Historic Buildings Piece of the Affordable Housing Puzzle National Historic Tax Credit Conference, Chicago SEPTEMBER 2008 Eaton Place, Wichita, KS

2 Community Restoration and Revitalization Act H.R. 1043, S. 584 - Work in tandem with LIHTC - Eliminate basis reduction - Help smaller projects - Enhance 10% credit - Enhance non-profit use - Target disinvested areas

3 Housing Economic Recovery Act of 2008 - AMT Exemption - New QAP requirements - Non-profit lease improvements Smith Lofts, Providence, RI Courtesy of Keen Development Corporation

4 Changes to state Qualified Allocation Plans Must consider energy efficiency and the historic character of the project Permits discretionary boost of up to 30% the LIHTC available to a project. Midtown Exchange, Minneapolis, MN

5 Current Treatment Of Historic Preservation in State QAPs Approximately 21 states currently award points based on preservation criteria The average weight is about 5% Point determination varies from state to state Mercy Housing, Savannah, GA

6 Best Practices and Model Language Points for projects with historic character. Clearly define historic character and include adherence to rehab standards Require documentation verifying historic character Include language to permit historic projects to get the discretionary 30 % basis boost Indiana Cotton Mill, Cannelton, IN

7 General Information and Next Steps State HFAs not in compliance with the new requirements must revise their 2009 QAPs Advocacy Opportunity -Provide comments -Develop state strategy Yale Building, Chicago, IL


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